The Fed unanimously approved a 25bp rate hike with a 12-0 vote yesterday. Here are my thoughts on the market outlook moving forward: For U.S. stocks, assets that rely on rate cuts to support valuations can be reduced in this round. On the other hand, tech stocks with solid earnings support are better suited for phased buying during pullbacks caused by policy-related panic. There’s no need to assume that high interest rates mean the market must decline, especially in the U.S. stock market. Additionally, the AI trend still has room to continue. Taiwan and South Korea’s semiconductor supply chains present better opportunities for excess returns compared to large U.S. tech stocks. Gold is also worth adding during pullbacks as a defensive and safe-haven asset. The logic behind gold’s rise includes investors re-pricing long-term fiscal and monetary credibility, so it doesn’t rely entirely on rate cuts to materialize. In contrast, long-term bondholders will face pressure from inflation compensation and bond supply, making it less suitable as a macro defensive play during this rate hike cycle. The environment for $BTC hasn’t been significantly impacted. The institutionalization of $BTC has attracted holders who are highly sensitive to financing spreads, and ETF outflows post-rate hike don’t necessarily indicate bearish sentiment from institutions. The market is likely to enter a period of consolidation following this rate hike.